In this video, 20.01 – Secured Transactions – Lesson 1, Roger Philipp, CPA, CGMA, discusses the three ways for a creditor to protect their interest in money loaned to a debtor: by obtaining a security interest called collateral, by obtaining a guarantor, or by forcing the debtor into bankruptcy and hoping to get paid as either a perfected secured creditor or a general unsecured creditor.
Secured transactions involving tangible and personal property, as governed by Article 9 of the UniversalCommercial Code, are the topic of this lesson. Roger differentiates between money loaned for the purchase of inventory, for the purchase of equipment, and the purchase of consumer goods, explaining how a TV could be any one of these depending on the borrower. Roger ties back this topic to prior learning by relating these categories to ordinary assets, Section 1231 assets, and capital assets. All these categories – inventory, equipment, and consumer goods – can be types of collateral. We learn that when the creditor lends the debtor money to buy an asset, that asset legally becomes collateral.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Welcome, welcome, let's talk about a fun and exciting area called secure transactions. Many of the topics that we're gonna deal with deal with both the creditor and the debtor. So let's say for example I loan money to you, right? I loan money to you, I'm gonna protect my interest, there's three different ways we're gonna look at in the next several chapters on how to protect myself, how to get my money back.
So I loan you money, one way is I take an asset as collateral; I secure the transaction. That's what this chapter talks about. Another way is I say I'll loan you money, but go get a co-signer guarantor, a surety called suretyship. The third way, least desirable, is I'm gonna force you into bankruptcy and hopefully get paid as either a perfected secured creditor or a general unsecured creditor. So again, I loan you money, three ways to protect myself.
The creditor's objective is to get that money back, collect the money. How do I do it? One way is to secure the transaction by getting collateral, that way you don't pay me, I take your house, I take your car, I take your kids, I take your dog, and I eat it. Another way is get a co-signer guarantor, a surety. Third way, least desirable, force you into bankruptcy, chapter seven, 11, 13, which we'll talk about in another section.
This section starts out with secure transactions, this is covered by UCC Article 9. So this is called secure transactions, UCC Article 9. So what we're doing is basically the following: here is the creditor, the creditor is going to either loan you money or extend you credit to the debtor. What we're gonna do is I loan you money and in return I'm gonna get a security interest in your property that we call collateral. Collateral damage, right? So I loan you money and I say here's $100,000, what can you give me as collateral? I could take your car, I could take your jewelry, I could take a note, and I could take all these different things.
Now what we're looking at is maybe I loan you money to buy inventory. Maybe I loan you money to buy equipment. Maybe I loan you money to buy consumer goods. So we're all, we're trying to see what it is you're gonna give me as collateral. So again, I loan you money, three different ways to protect myself. I take something as collateral, I secure the transactions, but this section only deals with what? Personal property, tangible personal property.
Remember back in land and property we talked about a mortgage? A mortgage is when the bank loans you money and they take your house, your real property as collateral that was a mortgage. We're not talking about real property, we're talking about personal property, tangible personal property, that's what this section is gonna be dealing with.
The other thing, I loan you money, I get someone to co-sign, if you don't pay, I'll take it from them, called a suretyship, a little later, you don't pay, force you into bankruptcy. So that's what we're looking at in this section it says UCC Article 9, property, it covers personal property or fixtures, not real property, now let's talk about the types of collateral.

Here are 3 ways to secure credit card transactions online.
1. PCI compliance
Any business that accepts, stores, transmits, or interacts with credit cards in any way must be PCI compliant.
The PCI standards require companies to protect customer credit card data with security measures like encryption, firewalls, password-protected systems, and more.
In addition to protecting your customers’ data, PCI compliance protects your business from liability, penalties, and fines.
2. Secure Sockets Layer (SSL)
SSL is a system of rules that protects communication between your website and your customer’s browser.
To enable SSL on your website, you can buy an SSL certificate from your web hosting provider or a certification authority.
SSL works with your website’s server and the customer’s browser to do two important things:
First: SSL verifies sites as trustworthy.
Have you ever noticed a little green lock in the address bar of your browser? That lock means the site you’re visiting is protected by SSL protocol. Many consumers expect to see a green lock when they visit your site.
When a customer visits a site, their browser will check to see if the site has an SSL certificate. If the site has a valid certificate, then the browser will display a green lock or other trust symbol in the address bar.
SSL sites put customers at ease and encourage them to buy because they know their credit card information is safe.
Second: SSL encrypts information between the server and browser.
Sites that use SSL automatically encrypt information between the server and the browser.
How does encryption work?
Remember when you made up a secret language as a kid and used it to pass notes with your friends? Only you and your friends could read the secret messages because only you had the key to the language—you knew which letters to substitute to turn the gibberish into English.
Encryption is a similar process. You start out with sensitive information, like credit card data, and use a specific key to turn it into a coded message. The coded message is sent over the internet, and once it’s received, the receiving party uses the key to decode the message.
When a customer visits a site protected by SSL, the browser and the server perform what’s called a handshake to determine which key to use to encrypt the information they share.
Once they agree upon the key, the browser and the server can send coded messages back and forth. Any information that passes between the browser and the server—like credit card information, addresses, phone numbers, and more—is encrypted.
3. Tokenization
Tokenization is a method to protect credit card data when it’s in use or in storage.
How does it work? The customer’s data is replaced with a token—an arbitrary string of numbers and letters—that stands in for the original information. The merchant stores this token on their system, while the true information is usually stored off-site in a secure data vault.
To learn more about securing credit card transactions online, visit our website at www.CenturyBizSolutions.com.

published:23 Dec 2017

views:181

Online Banking Safety - with these simple tips, you can keep you personal banking information secure while using online banking. #SafeBanking.
Visithttp://bit.ly/ItsAllAboutMoney-Online-Banking-Safety-Tips to read the article on #ItsAllAboutMoney

published:10 Apr 2015

views:8280

In this video, 20.02 – Secured Transactions – Lesson 4, Roger Philipp, CPA, CGMA, continuing from Lesson 3, describing a few more aspects of attachment of a security interest, and then goes into a thorough explanation of perfection of a security interest.
In obtaining a security interest, a creditor is protecting themselves from DOTS – the debtor, other creditors, a trustee in bankruptcy, and any subsequent purchaser from the debtor without knowledge of perfection. For the creditor to protect themselves from the debtor, they must only attach. To protect themselves from third parties, the creditor must attach and perfect the security interest. The law provides creditors with rights similar to attachment in various circumstances such as judicial liens, statutory liens, and garnishment. Perfection provides notice to third parties that a security interest exists, and therefore protects the creditor from third parties who may also have an interest in the collateral.
But to perfect a security interest, any one of three conditions must be met: the creditor can either file a financing statement in the appropriate public office, obtain automatic perfection through a consumer goods PMSI (Purchase MoneySecurity Interest), or take possession of the collateral. While a PMSI in consumer goods provides automatic perfection against the debtor, it does not by itself protect the creditor if the debtor sells the asset to a third party. To obtain such protection, the creditor must also fulfill the financing statement condition (subject to the 20-day rule) in addition to the PMSI.
To conclude, Roger summarizes secured transactions as covered thus far, and provides a handy mnemonic for remembering the conditions required for attachment and perfection.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Now when you attach, you can attach, it says attachment also covers the proceeds. Let's say for example let's draw this again. Here's the creditor, here's the debtor, you gave me some money, boom, I'm going to give you legally the right to the collateral. Let's say I sold the collateral and I got money. If I no longer have the asset, you can attach to the collateral, you can attach to the assets, and you can attach to the proceeds.
You also, if in the agreement you could say we also attach to after acquired. If I go out and buy other stuff and I don't have the good that you would attach to. You can attach to after acquired property as well. If the debtor were to purchase inventory, equipment after the attachment, the creditor could also attach to that.
Notice that when all three of these things happen, boom, they've attached. Now, I do this on January 1st, January 3rd, and January 5th. When all three happen, boom, we've attached on the fifth, all three of these. What does attachment do? It gives the creditors rights against only me, the debtor, but they also want to protect themselves not only against me but against those other third parties. That's where they have to go to the next step which is perfection.
If you look in your notes it says the law provides creditors with rights similar to attachment like a judicial lien, a statutory lien which is an artisans or mechanic's lien or they could garnish like garnishing your wages. These are things that are similar to attaching.
Now when you're filing it, you file it with the state recording office in the UCC department or the counting clerk but basically there's a UCC department, a uniform commercial code. That's where you would file this paperwork.
Now what about perfection? Perfection provides notice to third parties that a security interest exist. It's basically providing notice. Now, in order to do this, we have to do not all three but one of the three. The first one says you file a financing statement. Now a financing statement is a statement that describes the debt, the collateral and its sign.

published:31 Jul 2015

views:9598

In this video, 20.03 – Secured Transactions – Lesson 6, Roger Philipp, CPA, CGMA, adds to the discussion of the inventory rule by reading the formal rule. He explains that even if the buyer is aware of a prior security interest in an asset, the buyer is still free from that prior security interest when it buys the asset if the asset is inventory in the hands of the seller.
Roger then covers some final details on secured transactions. The jurisdiction for filings for secured transactions is determined by the debtor’s location, not the location of the collateral. Priority among creditors in a secured transaction follows a certain order, starting with a buyer in the ordinary course of business if the asset was inventory in the hands of the seller (inventory rule). Second priority goes to the holder of a statutory lien such as a mechanic’s lien, and so on. Creditor responsibilities upon asserting a security interest are to use reasonable care to preserve any collateral in their possession, confirm the unpaid amount when requested by the debtor, and file or send the debtor a termination statement releasing the collateral once the debt is repaid.
Once the debtor is in default, the debtor does have initial right of redemption, but if the debtor fails to redeem the property, the creditor may take possession of the property, sell it, and keep the proceeds. If the amount owed by the debtor exceeds the proceeds, the creditor may pursue the debtor for the deficiency judgment if the loan was made with recourse.
Roger also covers what happens if the proceeds from the sale of the property pledged as collateral exceed the defaulted loan amount, as well as the situation of ‘strict foreclosure’ allowed in some jurisdictions.
Finally, Roger concludes with a nice overview and summary of secured transactions.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Inventory rule, it says, "If acquiring goods in the ordinary course of business, inventory to seller. Buyer's claim is superior to all other claims, so if the goods are purchased from a retailer, the inventory is acquired free of all other claims, even if a purchaser is aware of the claim." So, even if I know there's that prior claim, I still get it free of that claim.
Couple of other minor things, filings. "The jurisdiction for almost all filings is determined by the debtor's location, not where the collateral is. The priority among creditors..." Who gets it first? The inventory rule, a buyer in the ordinary course of business gets it. "Holder of a statutory lien, like a mechanic's lien. Then a PMSI when attached and perfected. And then among other perfections by filing, other perfected interests or judicial liens, and then if not one perfects in order of attachment." So, that's kind of hierarchy of who gets what.
"What are the creditors' responsibilities for the collateral? Use reasonable care to preserve any collateral in their possession. Confirm the unpaid balance of the amount of the debt when requested by the debtor. File or send the debtor a termination statement releasing the collateral once the debt has been paid. What are the procedures on default? The debtor has the right of redemption once," in other words, to redeem it, "the debtor's right redemption is terminated, and the creditor repossesses the property, and forces a sale." That's what happens once they don't pay.
"If the proceeds are not sufficient, if the loan is without recourse, the lender has no further claim. If the loan is with recourse, the debtor will be personally responsible for any unpaid portion, referred to as a deficiency judgement. If the proceeds exceed the amounts of the secured creditor, with the highest priority, any excess if first applied to the claims of other secured creditors being with secured creditor with the highest priority followed with the lower, then the debtor will be entitled to any remaining proceeds. Any objection would be required within 21 days. In the case of consumer goods, if a creditor may not retain the goods," it says, "and the property and is required to dispose of it within 90 days, they pay at least 60 percent."
So, let's say, and this law came out because of the following. What happened is, I would loan you money. You would get this asset, I take it as collateral. You're a little bit late, eh, don't worry about it. You're late on the payment, don't worry about it. You're late on the payment, don't worry... You pay 98 percent of it off. You're late, I repossess it, and I go, sorry, I'm going to keep it.

RRSAttorneyDavid Greenberg describes what a finder is, the potential ramifications of using a finder, and a Texas state law exemption allowing their use in certain situations.

published:29 May 2013

views:17

Secured creditors' rights are critically important in today's uncertain economic environment. What are common features among, and significant differences between, jurisdictions in taking and enforcing security? Hear results of a Deloitte Legal multi-jurisdiction survey covering cross-border secured transactions globally and factors that may impact your next transaction.
(Live presentation was aired on 4 Dec 2013)
www.deloitte.com/dbriefs/deloittelegal

Security

Security is the degree of resistance to, or protection from, harm. It applies to any vulnerable and valuable asset, such as a person, dwelling, community, item, nation, or organization.

As noted by the Institute for Security and Open Methodologies (ISECOM) in the OSSTMM 3, security provides "a form of protection where a separation is created between the assets and the threat." These separations are generically called "controls," and sometimes include changes to the asset or the threat.

Perceived security compared to real security

Perception of security may be poorly mapped to measureable objective security. For example, the fear of earthquakes has been reported to be more common than the fear of slipping on the bathroom floor although the latter kills many more people than the former. Similarly, the perceived effectiveness of security measures is sometimes different from the actual security provided by those measures. The presence of security protections may even be taken for security itself. For example, two computer security programs could be interfering with each other and even cancelling each other's effect, while the owner believes s/he is getting double the protection.

Vulnerabilities and attacks

A vulnerability is a system susceptibility or flaw, and many vulnerabilities are documented in the Common Vulnerabilities and Exposures (CVE) database and vulnerability management is the cyclical practice of identifying, classifying, remediating, and mitigating vulnerabilities as they are discovered. An exploitable vulnerability is one for which at least one working attack or "exploit" exists.

Premise

Olive Kitteridge is a misanthropic and strict, but well-meaning, retired schoolteacher who lives in the fictional seaside town of Crosby, Maine. She is married to Henry Kitteridge, a kind, considerate man who runs a pharmacy downtown, and has a troubled son named Christopher, who grows up to be a podiatrist. For 25 years, Olive has experienced problems of depression, bereavement, jealousy, and friction with family members and friends.

Secured Transactions - Lesson 1

In this video, 20.01 – Secured Transactions – Lesson 1, Roger Philipp, CPA, CGMA, discusses the three ways for a creditor to protect their interest in money loaned to a debtor: by obtaining a security interest called collateral, by obtaining a guarantor, or by forcing the debtor into bankruptcy and hoping to get paid as either a perfected secured creditor or a general unsecured creditor.
Secured transactions involving tangible and personal property, as governed by Article 9 of the UniversalCommercial Code, are the topic of this lesson. Roger differentiates between money loaned for the purchase of inventory, for the purchase of equipment, and the purchase of consumer goods, explaining how a TV could be any one of these depending on the borrower. Roger ties back this topic to prior learning by relating these categories to ordinary assets, Section 1231 assets, and capital assets. All these categories – inventory, equipment, and consumer goods – can be types of collateral. We learn that when the creditor lends the debtor money to buy an asset, that asset legally becomes collateral.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Welcome, welcome, let's talk about a fun and exciting area called secure transactions. Many of the topics that we're gonna deal with deal with both the creditor and the debtor. So let's say for example I loan money to you, right? I loan money to you, I'm gonna protect my interest, there's three different ways we're gonna look at in the next several chapters on how to protect myself, how to get my money back.
So I loan you money, one way is I take an asset as collateral; I secure the transaction. That's what this chapter talks about. Another way is I say I'll loan you money, but go get a co-signer guarantor, a surety called suretyship. The third way, least desirable, is I'm gonna force you into bankruptcy and hopefully get paid as either a perfected secured creditor or a general unsecured creditor. So again, I loan you money, three ways to protect myself.
The creditor's objective is to get that money back, collect the money. How do I do it? One way is to secure the transaction by getting collateral, that way you don't pay me, I take your house, I take your car, I take your kids, I take your dog, and I eat it. Another way is get a co-signer guarantor, a surety. Third way, least desirable, force you into bankruptcy, chapter seven, 11, 13, which we'll talk about in another section.
This section starts out with secure transactions, this is covered by UCC Article 9. So this is called secure transactions, UCC Article 9. So what we're doing is basically the following: here is the creditor, the creditor is going to either loan you money or extend you credit to the debtor. What we're gonna do is I loan you money and in return I'm gonna get a security interest in your property that we call collateral. Collateral damage, right? So I loan you money and I say here's $100,000, what can you give me as collateral? I could take your car, I could take your jewelry, I could take a note, and I could take all these different things.
Now what we're looking at is maybe I loan you money to buy inventory. Maybe I loan you money to buy equipment. Maybe I loan you money to buy consumer goods. So we're all, we're trying to see what it is you're gonna give me as collateral. So again, I loan you money, three different ways to protect myself. I take something as collateral, I secure the transactions, but this section only deals with what? Personal property, tangible personal property.
Remember back in land and property we talked about a mortgage? A mortgage is when the bank loans you money and they take your house, your real property as collateral that was a mortgage. We're not talking about real property, we're talking about personal property, tangible personal property, that's what this section is gonna be dealing with.
The other thing, I loan you money, I get someone to co-sign, if you don't pay, I'll take it from them, called a suretyship, a little later, you don't pay, force you into bankruptcy. So that's what we're looking at in this section it says UCC Article 9, property, it covers personal property or fixtures, not real property, now let's talk about the types of collateral.

How to Secure Credit Card Transactions Online

Here are 3 ways to secure credit card transactions online.
1. PCI compliance
Any business that accepts, stores, transmits, or interacts with credit cards in any way must be PCI compliant.
The PCI standards require companies to protect customer credit card data with security measures like encryption, firewalls, password-protected systems, and more.
In addition to protecting your customers’ data, PCI compliance protects your business from liability, penalties, and fines.
2. Secure Sockets Layer (SSL)
SSL is a system of rules that protects communication between your website and your customer’s browser.
To enable SSL on your website, you can buy an SSL certificate from your web hosting provider or a certification authority.
SSL works with your website’s server and the customer’s browser to do two important things:
First: SSL verifies sites as trustworthy.
Have you ever noticed a little green lock in the address bar of your browser? That lock means the site you’re visiting is protected by SSL protocol. Many consumers expect to see a green lock when they visit your site.
When a customer visits a site, their browser will check to see if the site has an SSL certificate. If the site has a valid certificate, then the browser will display a green lock or other trust symbol in the address bar.
SSL sites put customers at ease and encourage them to buy because they know their credit card information is safe.
Second: SSL encrypts information between the server and browser.
Sites that use SSL automatically encrypt information between the server and the browser.
How does encryption work?
Remember when you made up a secret language as a kid and used it to pass notes with your friends? Only you and your friends could read the secret messages because only you had the key to the language—you knew which letters to substitute to turn the gibberish into English.
Encryption is a similar process. You start out with sensitive information, like credit card data, and use a specific key to turn it into a coded message. The coded message is sent over the internet, and once it’s received, the receiving party uses the key to decode the message.
When a customer visits a site protected by SSL, the browser and the server perform what’s called a handshake to determine which key to use to encrypt the information they share.
Once they agree upon the key, the browser and the server can send coded messages back and forth. Any information that passes between the browser and the server—like credit card information, addresses, phone numbers, and more—is encrypted.
3. Tokenization
Tokenization is a method to protect credit card data when it’s in use or in storage.
How does it work? The customer’s data is replaced with a token—an arbitrary string of numbers and letters—that stands in for the original information. The merchant stores this token on their system, while the true information is usually stored off-site in a secure data vault.
To learn more about securing credit card transactions online, visit our website at www.CenturyBizSolutions.com.

2:19

Online Banking Safety Tips - Secure Your Online Banking Transaction

Online Banking Safety Tips - Secure Your Online Banking Transaction

Online Banking Safety Tips - Secure Your Online Banking Transaction

Online Banking Safety - with these simple tips, you can keep you personal banking information secure while using online banking. #SafeBanking.
Visithttp://bit.ly/ItsAllAboutMoney-Online-Banking-Safety-Tips to read the article on #ItsAllAboutMoney

9:53

Secured Transactions - Lesson 4

Secured Transactions - Lesson 4

Secured Transactions - Lesson 4

In this video, 20.02 – Secured Transactions – Lesson 4, Roger Philipp, CPA, CGMA, continuing from Lesson 3, describing a few more aspects of attachment of a security interest, and then goes into a thorough explanation of perfection of a security interest.
In obtaining a security interest, a creditor is protecting themselves from DOTS – the debtor, other creditors, a trustee in bankruptcy, and any subsequent purchaser from the debtor without knowledge of perfection. For the creditor to protect themselves from the debtor, they must only attach. To protect themselves from third parties, the creditor must attach and perfect the security interest. The law provides creditors with rights similar to attachment in various circumstances such as judicial liens, statutory liens, and garnishment. Perfection provides notice to third parties that a security interest exists, and therefore protects the creditor from third parties who may also have an interest in the collateral.
But to perfect a security interest, any one of three conditions must be met: the creditor can either file a financing statement in the appropriate public office, obtain automatic perfection through a consumer goods PMSI (Purchase MoneySecurity Interest), or take possession of the collateral. While a PMSI in consumer goods provides automatic perfection against the debtor, it does not by itself protect the creditor if the debtor sells the asset to a third party. To obtain such protection, the creditor must also fulfill the financing statement condition (subject to the 20-day rule) in addition to the PMSI.
To conclude, Roger summarizes secured transactions as covered thus far, and provides a handy mnemonic for remembering the conditions required for attachment and perfection.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Now when you attach, you can attach, it says attachment also covers the proceeds. Let's say for example let's draw this again. Here's the creditor, here's the debtor, you gave me some money, boom, I'm going to give you legally the right to the collateral. Let's say I sold the collateral and I got money. If I no longer have the asset, you can attach to the collateral, you can attach to the assets, and you can attach to the proceeds.
You also, if in the agreement you could say we also attach to after acquired. If I go out and buy other stuff and I don't have the good that you would attach to. You can attach to after acquired property as well. If the debtor were to purchase inventory, equipment after the attachment, the creditor could also attach to that.
Notice that when all three of these things happen, boom, they've attached. Now, I do this on January 1st, January 3rd, and January 5th. When all three happen, boom, we've attached on the fifth, all three of these. What does attachment do? It gives the creditors rights against only me, the debtor, but they also want to protect themselves not only against me but against those other third parties. That's where they have to go to the next step which is perfection.
If you look in your notes it says the law provides creditors with rights similar to attachment like a judicial lien, a statutory lien which is an artisans or mechanic's lien or they could garnish like garnishing your wages. These are things that are similar to attaching.
Now when you're filing it, you file it with the state recording office in the UCC department or the counting clerk but basically there's a UCC department, a uniform commercial code. That's where you would file this paperwork.
Now what about perfection? Perfection provides notice to third parties that a security interest exist. It's basically providing notice. Now, in order to do this, we have to do not all three but one of the three. The first one says you file a financing statement. Now a financing statement is a statement that describes the debt, the collateral and its sign.

4:31

Secured Transactions - Lesson 6

Secured Transactions - Lesson 6

Secured Transactions - Lesson 6

In this video, 20.03 – Secured Transactions – Lesson 6, Roger Philipp, CPA, CGMA, adds to the discussion of the inventory rule by reading the formal rule. He explains that even if the buyer is aware of a prior security interest in an asset, the buyer is still free from that prior security interest when it buys the asset if the asset is inventory in the hands of the seller.
Roger then covers some final details on secured transactions. The jurisdiction for filings for secured transactions is determined by the debtor’s location, not the location of the collateral. Priority among creditors in a secured transaction follows a certain order, starting with a buyer in the ordinary course of business if the asset was inventory in the hands of the seller (inventory rule). Second priority goes to the holder of a statutory lien such as a mechanic’s lien, and so on. Creditor responsibilities upon asserting a security interest are to use reasonable care to preserve any collateral in their possession, confirm the unpaid amount when requested by the debtor, and file or send the debtor a termination statement releasing the collateral once the debt is repaid.
Once the debtor is in default, the debtor does have initial right of redemption, but if the debtor fails to redeem the property, the creditor may take possession of the property, sell it, and keep the proceeds. If the amount owed by the debtor exceeds the proceeds, the creditor may pursue the debtor for the deficiency judgment if the loan was made with recourse.
Roger also covers what happens if the proceeds from the sale of the property pledged as collateral exceed the defaulted loan amount, as well as the situation of ‘strict foreclosure’ allowed in some jurisdictions.
Finally, Roger concludes with a nice overview and summary of secured transactions.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Inventory rule, it says, "If acquiring goods in the ordinary course of business, inventory to seller. Buyer's claim is superior to all other claims, so if the goods are purchased from a retailer, the inventory is acquired free of all other claims, even if a purchaser is aware of the claim." So, even if I know there's that prior claim, I still get it free of that claim.
Couple of other minor things, filings. "The jurisdiction for almost all filings is determined by the debtor's location, not where the collateral is. The priority among creditors..." Who gets it first? The inventory rule, a buyer in the ordinary course of business gets it. "Holder of a statutory lien, like a mechanic's lien. Then a PMSI when attached and perfected. And then among other perfections by filing, other perfected interests or judicial liens, and then if not one perfects in order of attachment." So, that's kind of hierarchy of who gets what.
"What are the creditors' responsibilities for the collateral? Use reasonable care to preserve any collateral in their possession. Confirm the unpaid balance of the amount of the debt when requested by the debtor. File or send the debtor a termination statement releasing the collateral once the debt has been paid. What are the procedures on default? The debtor has the right of redemption once," in other words, to redeem it, "the debtor's right redemption is terminated, and the creditor repossesses the property, and forces a sale." That's what happens once they don't pay.
"If the proceeds are not sufficient, if the loan is without recourse, the lender has no further claim. If the loan is with recourse, the debtor will be personally responsible for any unpaid portion, referred to as a deficiency judgement. If the proceeds exceed the amounts of the secured creditor, with the highest priority, any excess if first applied to the claims of other secured creditors being with secured creditor with the highest priority followed with the lower, then the debtor will be entitled to any remaining proceeds. Any objection would be required within 21 days. In the case of consumer goods, if a creditor may not retain the goods," it says, "and the property and is required to dispose of it within 90 days, they pay at least 60 percent."
So, let's say, and this law came out because of the following. What happened is, I would loan you money. You would get this asset, I take it as collateral. You're a little bit late, eh, don't worry about it. You're late on the payment, don't worry about it. You're late on the payment, don't worry... You pay 98 percent of it off. You're late, I repossess it, and I go, sorry, I'm going to keep it.

Finders and Security Transactions

RRSAttorneyDavid Greenberg describes what a finder is, the potential ramifications of using a finder, and a Texas state law exemption allowing their use in certain situations.

1:04:33

Secured Transactions: Global Trends in Taking and Enforcing Security

Secured Transactions: Global Trends in Taking and Enforcing Security

Secured Transactions: Global Trends in Taking and Enforcing Security

Secured creditors' rights are critically important in today's uncertain economic environment. What are common features among, and significant differences between, jurisdictions in taking and enforcing security? Hear results of a Deloitte Legal multi-jurisdiction survey covering cross-border secured transactions globally and factors that may impact your next transaction.
(Live presentation was aired on 4 Dec 2013)
www.deloitte.com/dbriefs/deloittelegal

Secured Transactions - Lesson 1

In this video, 20.01 – Secured Transactions – Lesson 1, Roger Philipp, CPA, CGMA, discusses the three ways for a creditor to protect their interest in money loaned to a debtor: by obtaining a security interest called collateral, by obtaining a guarantor, or by forcing the debtor into bankruptcy and hoping to get paid as either a perfected secured creditor or a general unsecured creditor.
Secured transactions involving tangible and personal property, as governed by Article 9 of the UniversalCommercial Code, are the topic of this lesson. Roger differentiates between money loaned for the purchase of inventory, for the purchase of equipment, and the purchase of consumer goods, explaining how a TV could be any one of these depending on the borrower. Roger ties back this topic to prior learn...

How to Secure Credit Card Transactions Online

Here are 3 ways to secure credit card transactions online.
1. PCI compliance
Any business that accepts, stores, transmits, or interacts with credit cards in any way must be PCI compliant.
The PCI standards require companies to protect customer credit card data with security measures like encryption, firewalls, password-protected systems, and more.
In addition to protecting your customers’ data, PCI compliance protects your business from liability, penalties, and fines.
2. Secure Sockets Layer (SSL)
SSL is a system of rules that protects communication between your website and your customer’s browser.
To enable SSL on your website, you can buy an SSL certificate from your web hosting provider or a certification authority.
SSL works with your website’s server and the customer’s browse...

published: 23 Dec 2017

Online Banking Safety Tips - Secure Your Online Banking Transaction

Online Banking Safety - with these simple tips, you can keep you personal banking information secure while using online banking. #SafeBanking.
Visithttp://bit.ly/ItsAllAboutMoney-Online-Banking-Safety-Tips to read the article on #ItsAllAboutMoney

published: 10 Apr 2015

Secured Transactions - Lesson 4

In this video, 20.02 – Secured Transactions – Lesson 4, Roger Philipp, CPA, CGMA, continuing from Lesson 3, describing a few more aspects of attachment of a security interest, and then goes into a thorough explanation of perfection of a security interest.
In obtaining a security interest, a creditor is protecting themselves from DOTS – the debtor, other creditors, a trustee in bankruptcy, and any subsequent purchaser from the debtor without knowledge of perfection. For the creditor to protect themselves from the debtor, they must only attach. To protect themselves from third parties, the creditor must attach and perfect the security interest. The law provides creditors with rights similar to attachment in various circumstances such as judicial liens, statutory liens, and garnishment. Pe...

published: 31 Jul 2015

Secured Transactions - Lesson 6

In this video, 20.03 – Secured Transactions – Lesson 6, Roger Philipp, CPA, CGMA, adds to the discussion of the inventory rule by reading the formal rule. He explains that even if the buyer is aware of a prior security interest in an asset, the buyer is still free from that prior security interest when it buys the asset if the asset is inventory in the hands of the seller.
Roger then covers some final details on secured transactions. The jurisdiction for filings for secured transactions is determined by the debtor’s location, not the location of the collateral. Priority among creditors in a secured transaction follows a certain order, starting with a buyer in the ordinary course of business if the asset was inventory in the hands of the seller (inventory rule). Second priority goes to t...

Finders and Security Transactions

RRSAttorneyDavid Greenberg describes what a finder is, the potential ramifications of using a finder, and a Texas state law exemption allowing their use in certain situations.

published: 29 May 2013

Secured Transactions: Global Trends in Taking and Enforcing Security

Secured creditors' rights are critically important in today's uncertain economic environment. What are common features among, and significant differences between, jurisdictions in taking and enforcing security? Hear results of a Deloitte Legal multi-jurisdiction survey covering cross-border secured transactions globally and factors that may impact your next transaction.
(Live presentation was aired on 4 Dec 2013)
www.deloitte.com/dbriefs/deloittelegal

Secured Transactions - Lesson 1

In this video, 20.01 – Secured Transactions – Lesson 1, Roger Philipp, CPA, CGMA, discusses the three ways for a creditor to protect their interest in money lo...

In this video, 20.01 – Secured Transactions – Lesson 1, Roger Philipp, CPA, CGMA, discusses the three ways for a creditor to protect their interest in money loaned to a debtor: by obtaining a security interest called collateral, by obtaining a guarantor, or by forcing the debtor into bankruptcy and hoping to get paid as either a perfected secured creditor or a general unsecured creditor.
Secured transactions involving tangible and personal property, as governed by Article 9 of the UniversalCommercial Code, are the topic of this lesson. Roger differentiates between money loaned for the purchase of inventory, for the purchase of equipment, and the purchase of consumer goods, explaining how a TV could be any one of these depending on the borrower. Roger ties back this topic to prior learning by relating these categories to ordinary assets, Section 1231 assets, and capital assets. All these categories – inventory, equipment, and consumer goods – can be types of collateral. We learn that when the creditor lends the debtor money to buy an asset, that asset legally becomes collateral.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Welcome, welcome, let's talk about a fun and exciting area called secure transactions. Many of the topics that we're gonna deal with deal with both the creditor and the debtor. So let's say for example I loan money to you, right? I loan money to you, I'm gonna protect my interest, there's three different ways we're gonna look at in the next several chapters on how to protect myself, how to get my money back.
So I loan you money, one way is I take an asset as collateral; I secure the transaction. That's what this chapter talks about. Another way is I say I'll loan you money, but go get a co-signer guarantor, a surety called suretyship. The third way, least desirable, is I'm gonna force you into bankruptcy and hopefully get paid as either a perfected secured creditor or a general unsecured creditor. So again, I loan you money, three ways to protect myself.
The creditor's objective is to get that money back, collect the money. How do I do it? One way is to secure the transaction by getting collateral, that way you don't pay me, I take your house, I take your car, I take your kids, I take your dog, and I eat it. Another way is get a co-signer guarantor, a surety. Third way, least desirable, force you into bankruptcy, chapter seven, 11, 13, which we'll talk about in another section.
This section starts out with secure transactions, this is covered by UCC Article 9. So this is called secure transactions, UCC Article 9. So what we're doing is basically the following: here is the creditor, the creditor is going to either loan you money or extend you credit to the debtor. What we're gonna do is I loan you money and in return I'm gonna get a security interest in your property that we call collateral. Collateral damage, right? So I loan you money and I say here's $100,000, what can you give me as collateral? I could take your car, I could take your jewelry, I could take a note, and I could take all these different things.
Now what we're looking at is maybe I loan you money to buy inventory. Maybe I loan you money to buy equipment. Maybe I loan you money to buy consumer goods. So we're all, we're trying to see what it is you're gonna give me as collateral. So again, I loan you money, three different ways to protect myself. I take something as collateral, I secure the transactions, but this section only deals with what? Personal property, tangible personal property.
Remember back in land and property we talked about a mortgage? A mortgage is when the bank loans you money and they take your house, your real property as collateral that was a mortgage. We're not talking about real property, we're talking about personal property, tangible personal property, that's what this section is gonna be dealing with.
The other thing, I loan you money, I get someone to co-sign, if you don't pay, I'll take it from them, called a suretyship, a little later, you don't pay, force you into bankruptcy. So that's what we're looking at in this section it says UCC Article 9, property, it covers personal property or fixtures, not real property, now let's talk about the types of collateral.

In this video, 20.01 – Secured Transactions – Lesson 1, Roger Philipp, CPA, CGMA, discusses the three ways for a creditor to protect their interest in money loaned to a debtor: by obtaining a security interest called collateral, by obtaining a guarantor, or by forcing the debtor into bankruptcy and hoping to get paid as either a perfected secured creditor or a general unsecured creditor.
Secured transactions involving tangible and personal property, as governed by Article 9 of the UniversalCommercial Code, are the topic of this lesson. Roger differentiates between money loaned for the purchase of inventory, for the purchase of equipment, and the purchase of consumer goods, explaining how a TV could be any one of these depending on the borrower. Roger ties back this topic to prior learning by relating these categories to ordinary assets, Section 1231 assets, and capital assets. All these categories – inventory, equipment, and consumer goods – can be types of collateral. We learn that when the creditor lends the debtor money to buy an asset, that asset legally becomes collateral.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Welcome, welcome, let's talk about a fun and exciting area called secure transactions. Many of the topics that we're gonna deal with deal with both the creditor and the debtor. So let's say for example I loan money to you, right? I loan money to you, I'm gonna protect my interest, there's three different ways we're gonna look at in the next several chapters on how to protect myself, how to get my money back.
So I loan you money, one way is I take an asset as collateral; I secure the transaction. That's what this chapter talks about. Another way is I say I'll loan you money, but go get a co-signer guarantor, a surety called suretyship. The third way, least desirable, is I'm gonna force you into bankruptcy and hopefully get paid as either a perfected secured creditor or a general unsecured creditor. So again, I loan you money, three ways to protect myself.
The creditor's objective is to get that money back, collect the money. How do I do it? One way is to secure the transaction by getting collateral, that way you don't pay me, I take your house, I take your car, I take your kids, I take your dog, and I eat it. Another way is get a co-signer guarantor, a surety. Third way, least desirable, force you into bankruptcy, chapter seven, 11, 13, which we'll talk about in another section.
This section starts out with secure transactions, this is covered by UCC Article 9. So this is called secure transactions, UCC Article 9. So what we're doing is basically the following: here is the creditor, the creditor is going to either loan you money or extend you credit to the debtor. What we're gonna do is I loan you money and in return I'm gonna get a security interest in your property that we call collateral. Collateral damage, right? So I loan you money and I say here's $100,000, what can you give me as collateral? I could take your car, I could take your jewelry, I could take a note, and I could take all these different things.
Now what we're looking at is maybe I loan you money to buy inventory. Maybe I loan you money to buy equipment. Maybe I loan you money to buy consumer goods. So we're all, we're trying to see what it is you're gonna give me as collateral. So again, I loan you money, three different ways to protect myself. I take something as collateral, I secure the transactions, but this section only deals with what? Personal property, tangible personal property.
Remember back in land and property we talked about a mortgage? A mortgage is when the bank loans you money and they take your house, your real property as collateral that was a mortgage. We're not talking about real property, we're talking about personal property, tangible personal property, that's what this section is gonna be dealing with.
The other thing, I loan you money, I get someone to co-sign, if you don't pay, I'll take it from them, called a suretyship, a little later, you don't pay, force you into bankruptcy. So that's what we're looking at in this section it says UCC Article 9, property, it covers personal property or fixtures, not real property, now let's talk about the types of collateral.

How to Secure Credit Card Transactions Online

Here are 3 ways to secure credit card transactions online.
1. PCI compliance
Any business that accepts, stores, transmits, or interacts with credit cards in a...

Here are 3 ways to secure credit card transactions online.
1. PCI compliance
Any business that accepts, stores, transmits, or interacts with credit cards in any way must be PCI compliant.
The PCI standards require companies to protect customer credit card data with security measures like encryption, firewalls, password-protected systems, and more.
In addition to protecting your customers’ data, PCI compliance protects your business from liability, penalties, and fines.
2. Secure Sockets Layer (SSL)
SSL is a system of rules that protects communication between your website and your customer’s browser.
To enable SSL on your website, you can buy an SSL certificate from your web hosting provider or a certification authority.
SSL works with your website’s server and the customer’s browser to do two important things:
First: SSL verifies sites as trustworthy.
Have you ever noticed a little green lock in the address bar of your browser? That lock means the site you’re visiting is protected by SSL protocol. Many consumers expect to see a green lock when they visit your site.
When a customer visits a site, their browser will check to see if the site has an SSL certificate. If the site has a valid certificate, then the browser will display a green lock or other trust symbol in the address bar.
SSL sites put customers at ease and encourage them to buy because they know their credit card information is safe.
Second: SSL encrypts information between the server and browser.
Sites that use SSL automatically encrypt information between the server and the browser.
How does encryption work?
Remember when you made up a secret language as a kid and used it to pass notes with your friends? Only you and your friends could read the secret messages because only you had the key to the language—you knew which letters to substitute to turn the gibberish into English.
Encryption is a similar process. You start out with sensitive information, like credit card data, and use a specific key to turn it into a coded message. The coded message is sent over the internet, and once it’s received, the receiving party uses the key to decode the message.
When a customer visits a site protected by SSL, the browser and the server perform what’s called a handshake to determine which key to use to encrypt the information they share.
Once they agree upon the key, the browser and the server can send coded messages back and forth. Any information that passes between the browser and the server—like credit card information, addresses, phone numbers, and more—is encrypted.
3. Tokenization
Tokenization is a method to protect credit card data when it’s in use or in storage.
How does it work? The customer’s data is replaced with a token—an arbitrary string of numbers and letters—that stands in for the original information. The merchant stores this token on their system, while the true information is usually stored off-site in a secure data vault.
To learn more about securing credit card transactions online, visit our website at www.CenturyBizSolutions.com.

Here are 3 ways to secure credit card transactions online.
1. PCI compliance
Any business that accepts, stores, transmits, or interacts with credit cards in any way must be PCI compliant.
The PCI standards require companies to protect customer credit card data with security measures like encryption, firewalls, password-protected systems, and more.
In addition to protecting your customers’ data, PCI compliance protects your business from liability, penalties, and fines.
2. Secure Sockets Layer (SSL)
SSL is a system of rules that protects communication between your website and your customer’s browser.
To enable SSL on your website, you can buy an SSL certificate from your web hosting provider or a certification authority.
SSL works with your website’s server and the customer’s browser to do two important things:
First: SSL verifies sites as trustworthy.
Have you ever noticed a little green lock in the address bar of your browser? That lock means the site you’re visiting is protected by SSL protocol. Many consumers expect to see a green lock when they visit your site.
When a customer visits a site, their browser will check to see if the site has an SSL certificate. If the site has a valid certificate, then the browser will display a green lock or other trust symbol in the address bar.
SSL sites put customers at ease and encourage them to buy because they know their credit card information is safe.
Second: SSL encrypts information between the server and browser.
Sites that use SSL automatically encrypt information between the server and the browser.
How does encryption work?
Remember when you made up a secret language as a kid and used it to pass notes with your friends? Only you and your friends could read the secret messages because only you had the key to the language—you knew which letters to substitute to turn the gibberish into English.
Encryption is a similar process. You start out with sensitive information, like credit card data, and use a specific key to turn it into a coded message. The coded message is sent over the internet, and once it’s received, the receiving party uses the key to decode the message.
When a customer visits a site protected by SSL, the browser and the server perform what’s called a handshake to determine which key to use to encrypt the information they share.
Once they agree upon the key, the browser and the server can send coded messages back and forth. Any information that passes between the browser and the server—like credit card information, addresses, phone numbers, and more—is encrypted.
3. Tokenization
Tokenization is a method to protect credit card data when it’s in use or in storage.
How does it work? The customer’s data is replaced with a token—an arbitrary string of numbers and letters—that stands in for the original information. The merchant stores this token on their system, while the true information is usually stored off-site in a secure data vault.
To learn more about securing credit card transactions online, visit our website at www.CenturyBizSolutions.com.

Online Banking Safety Tips - Secure Your Online Banking Transaction

Online Banking Safety - with these simple tips, you can keep you personal banking information secure while using online banking. #SafeBanking.
Visithttp://bit...

Online Banking Safety - with these simple tips, you can keep you personal banking information secure while using online banking. #SafeBanking.
Visithttp://bit.ly/ItsAllAboutMoney-Online-Banking-Safety-Tips to read the article on #ItsAllAboutMoney

Online Banking Safety - with these simple tips, you can keep you personal banking information secure while using online banking. #SafeBanking.
Visithttp://bit.ly/ItsAllAboutMoney-Online-Banking-Safety-Tips to read the article on #ItsAllAboutMoney

Secured Transactions - Lesson 4

In this video, 20.02 – Secured Transactions – Lesson 4, Roger Philipp, CPA, CGMA, continuing from Lesson 3, describing a few more aspects of attachment of a se...

In this video, 20.02 – Secured Transactions – Lesson 4, Roger Philipp, CPA, CGMA, continuing from Lesson 3, describing a few more aspects of attachment of a security interest, and then goes into a thorough explanation of perfection of a security interest.
In obtaining a security interest, a creditor is protecting themselves from DOTS – the debtor, other creditors, a trustee in bankruptcy, and any subsequent purchaser from the debtor without knowledge of perfection. For the creditor to protect themselves from the debtor, they must only attach. To protect themselves from third parties, the creditor must attach and perfect the security interest. The law provides creditors with rights similar to attachment in various circumstances such as judicial liens, statutory liens, and garnishment. Perfection provides notice to third parties that a security interest exists, and therefore protects the creditor from third parties who may also have an interest in the collateral.
But to perfect a security interest, any one of three conditions must be met: the creditor can either file a financing statement in the appropriate public office, obtain automatic perfection through a consumer goods PMSI (Purchase MoneySecurity Interest), or take possession of the collateral. While a PMSI in consumer goods provides automatic perfection against the debtor, it does not by itself protect the creditor if the debtor sells the asset to a third party. To obtain such protection, the creditor must also fulfill the financing statement condition (subject to the 20-day rule) in addition to the PMSI.
To conclude, Roger summarizes secured transactions as covered thus far, and provides a handy mnemonic for remembering the conditions required for attachment and perfection.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Now when you attach, you can attach, it says attachment also covers the proceeds. Let's say for example let's draw this again. Here's the creditor, here's the debtor, you gave me some money, boom, I'm going to give you legally the right to the collateral. Let's say I sold the collateral and I got money. If I no longer have the asset, you can attach to the collateral, you can attach to the assets, and you can attach to the proceeds.
You also, if in the agreement you could say we also attach to after acquired. If I go out and buy other stuff and I don't have the good that you would attach to. You can attach to after acquired property as well. If the debtor were to purchase inventory, equipment after the attachment, the creditor could also attach to that.
Notice that when all three of these things happen, boom, they've attached. Now, I do this on January 1st, January 3rd, and January 5th. When all three happen, boom, we've attached on the fifth, all three of these. What does attachment do? It gives the creditors rights against only me, the debtor, but they also want to protect themselves not only against me but against those other third parties. That's where they have to go to the next step which is perfection.
If you look in your notes it says the law provides creditors with rights similar to attachment like a judicial lien, a statutory lien which is an artisans or mechanic's lien or they could garnish like garnishing your wages. These are things that are similar to attaching.
Now when you're filing it, you file it with the state recording office in the UCC department or the counting clerk but basically there's a UCC department, a uniform commercial code. That's where you would file this paperwork.
Now what about perfection? Perfection provides notice to third parties that a security interest exist. It's basically providing notice. Now, in order to do this, we have to do not all three but one of the three. The first one says you file a financing statement. Now a financing statement is a statement that describes the debt, the collateral and its sign.

In this video, 20.02 – Secured Transactions – Lesson 4, Roger Philipp, CPA, CGMA, continuing from Lesson 3, describing a few more aspects of attachment of a security interest, and then goes into a thorough explanation of perfection of a security interest.
In obtaining a security interest, a creditor is protecting themselves from DOTS – the debtor, other creditors, a trustee in bankruptcy, and any subsequent purchaser from the debtor without knowledge of perfection. For the creditor to protect themselves from the debtor, they must only attach. To protect themselves from third parties, the creditor must attach and perfect the security interest. The law provides creditors with rights similar to attachment in various circumstances such as judicial liens, statutory liens, and garnishment. Perfection provides notice to third parties that a security interest exists, and therefore protects the creditor from third parties who may also have an interest in the collateral.
But to perfect a security interest, any one of three conditions must be met: the creditor can either file a financing statement in the appropriate public office, obtain automatic perfection through a consumer goods PMSI (Purchase MoneySecurity Interest), or take possession of the collateral. While a PMSI in consumer goods provides automatic perfection against the debtor, it does not by itself protect the creditor if the debtor sells the asset to a third party. To obtain such protection, the creditor must also fulfill the financing statement condition (subject to the 20-day rule) in addition to the PMSI.
To conclude, Roger summarizes secured transactions as covered thus far, and provides a handy mnemonic for remembering the conditions required for attachment and perfection.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Now when you attach, you can attach, it says attachment also covers the proceeds. Let's say for example let's draw this again. Here's the creditor, here's the debtor, you gave me some money, boom, I'm going to give you legally the right to the collateral. Let's say I sold the collateral and I got money. If I no longer have the asset, you can attach to the collateral, you can attach to the assets, and you can attach to the proceeds.
You also, if in the agreement you could say we also attach to after acquired. If I go out and buy other stuff and I don't have the good that you would attach to. You can attach to after acquired property as well. If the debtor were to purchase inventory, equipment after the attachment, the creditor could also attach to that.
Notice that when all three of these things happen, boom, they've attached. Now, I do this on January 1st, January 3rd, and January 5th. When all three happen, boom, we've attached on the fifth, all three of these. What does attachment do? It gives the creditors rights against only me, the debtor, but they also want to protect themselves not only against me but against those other third parties. That's where they have to go to the next step which is perfection.
If you look in your notes it says the law provides creditors with rights similar to attachment like a judicial lien, a statutory lien which is an artisans or mechanic's lien or they could garnish like garnishing your wages. These are things that are similar to attaching.
Now when you're filing it, you file it with the state recording office in the UCC department or the counting clerk but basically there's a UCC department, a uniform commercial code. That's where you would file this paperwork.
Now what about perfection? Perfection provides notice to third parties that a security interest exist. It's basically providing notice. Now, in order to do this, we have to do not all three but one of the three. The first one says you file a financing statement. Now a financing statement is a statement that describes the debt, the collateral and its sign.

Secured Transactions - Lesson 6

In this video, 20.03 – Secured Transactions – Lesson 6, Roger Philipp, CPA, CGMA, adds to the discussion of the inventory rule by reading the formal rule. He e...

In this video, 20.03 – Secured Transactions – Lesson 6, Roger Philipp, CPA, CGMA, adds to the discussion of the inventory rule by reading the formal rule. He explains that even if the buyer is aware of a prior security interest in an asset, the buyer is still free from that prior security interest when it buys the asset if the asset is inventory in the hands of the seller.
Roger then covers some final details on secured transactions. The jurisdiction for filings for secured transactions is determined by the debtor’s location, not the location of the collateral. Priority among creditors in a secured transaction follows a certain order, starting with a buyer in the ordinary course of business if the asset was inventory in the hands of the seller (inventory rule). Second priority goes to the holder of a statutory lien such as a mechanic’s lien, and so on. Creditor responsibilities upon asserting a security interest are to use reasonable care to preserve any collateral in their possession, confirm the unpaid amount when requested by the debtor, and file or send the debtor a termination statement releasing the collateral once the debt is repaid.
Once the debtor is in default, the debtor does have initial right of redemption, but if the debtor fails to redeem the property, the creditor may take possession of the property, sell it, and keep the proceeds. If the amount owed by the debtor exceeds the proceeds, the creditor may pursue the debtor for the deficiency judgment if the loan was made with recourse.
Roger also covers what happens if the proceeds from the sale of the property pledged as collateral exceed the defaulted loan amount, as well as the situation of ‘strict foreclosure’ allowed in some jurisdictions.
Finally, Roger concludes with a nice overview and summary of secured transactions.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Inventory rule, it says, "If acquiring goods in the ordinary course of business, inventory to seller. Buyer's claim is superior to all other claims, so if the goods are purchased from a retailer, the inventory is acquired free of all other claims, even if a purchaser is aware of the claim." So, even if I know there's that prior claim, I still get it free of that claim.
Couple of other minor things, filings. "The jurisdiction for almost all filings is determined by the debtor's location, not where the collateral is. The priority among creditors..." Who gets it first? The inventory rule, a buyer in the ordinary course of business gets it. "Holder of a statutory lien, like a mechanic's lien. Then a PMSI when attached and perfected. And then among other perfections by filing, other perfected interests or judicial liens, and then if not one perfects in order of attachment." So, that's kind of hierarchy of who gets what.
"What are the creditors' responsibilities for the collateral? Use reasonable care to preserve any collateral in their possession. Confirm the unpaid balance of the amount of the debt when requested by the debtor. File or send the debtor a termination statement releasing the collateral once the debt has been paid. What are the procedures on default? The debtor has the right of redemption once," in other words, to redeem it, "the debtor's right redemption is terminated, and the creditor repossesses the property, and forces a sale." That's what happens once they don't pay.
"If the proceeds are not sufficient, if the loan is without recourse, the lender has no further claim. If the loan is with recourse, the debtor will be personally responsible for any unpaid portion, referred to as a deficiency judgement. If the proceeds exceed the amounts of the secured creditor, with the highest priority, any excess if first applied to the claims of other secured creditors being with secured creditor with the highest priority followed with the lower, then the debtor will be entitled to any remaining proceeds. Any objection would be required within 21 days. In the case of consumer goods, if a creditor may not retain the goods," it says, "and the property and is required to dispose of it within 90 days, they pay at least 60 percent."
So, let's say, and this law came out because of the following. What happened is, I would loan you money. You would get this asset, I take it as collateral. You're a little bit late, eh, don't worry about it. You're late on the payment, don't worry about it. You're late on the payment, don't worry... You pay 98 percent of it off. You're late, I repossess it, and I go, sorry, I'm going to keep it.

In this video, 20.03 – Secured Transactions – Lesson 6, Roger Philipp, CPA, CGMA, adds to the discussion of the inventory rule by reading the formal rule. He explains that even if the buyer is aware of a prior security interest in an asset, the buyer is still free from that prior security interest when it buys the asset if the asset is inventory in the hands of the seller.
Roger then covers some final details on secured transactions. The jurisdiction for filings for secured transactions is determined by the debtor’s location, not the location of the collateral. Priority among creditors in a secured transaction follows a certain order, starting with a buyer in the ordinary course of business if the asset was inventory in the hands of the seller (inventory rule). Second priority goes to the holder of a statutory lien such as a mechanic’s lien, and so on. Creditor responsibilities upon asserting a security interest are to use reasonable care to preserve any collateral in their possession, confirm the unpaid amount when requested by the debtor, and file or send the debtor a termination statement releasing the collateral once the debt is repaid.
Once the debtor is in default, the debtor does have initial right of redemption, but if the debtor fails to redeem the property, the creditor may take possession of the property, sell it, and keep the proceeds. If the amount owed by the debtor exceeds the proceeds, the creditor may pursue the debtor for the deficiency judgment if the loan was made with recourse.
Roger also covers what happens if the proceeds from the sale of the property pledged as collateral exceed the defaulted loan amount, as well as the situation of ‘strict foreclosure’ allowed in some jurisdictions.
Finally, Roger concludes with a nice overview and summary of secured transactions.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Inventory rule, it says, "If acquiring goods in the ordinary course of business, inventory to seller. Buyer's claim is superior to all other claims, so if the goods are purchased from a retailer, the inventory is acquired free of all other claims, even if a purchaser is aware of the claim." So, even if I know there's that prior claim, I still get it free of that claim.
Couple of other minor things, filings. "The jurisdiction for almost all filings is determined by the debtor's location, not where the collateral is. The priority among creditors..." Who gets it first? The inventory rule, a buyer in the ordinary course of business gets it. "Holder of a statutory lien, like a mechanic's lien. Then a PMSI when attached and perfected. And then among other perfections by filing, other perfected interests or judicial liens, and then if not one perfects in order of attachment." So, that's kind of hierarchy of who gets what.
"What are the creditors' responsibilities for the collateral? Use reasonable care to preserve any collateral in their possession. Confirm the unpaid balance of the amount of the debt when requested by the debtor. File or send the debtor a termination statement releasing the collateral once the debt has been paid. What are the procedures on default? The debtor has the right of redemption once," in other words, to redeem it, "the debtor's right redemption is terminated, and the creditor repossesses the property, and forces a sale." That's what happens once they don't pay.
"If the proceeds are not sufficient, if the loan is without recourse, the lender has no further claim. If the loan is with recourse, the debtor will be personally responsible for any unpaid portion, referred to as a deficiency judgement. If the proceeds exceed the amounts of the secured creditor, with the highest priority, any excess if first applied to the claims of other secured creditors being with secured creditor with the highest priority followed with the lower, then the debtor will be entitled to any remaining proceeds. Any objection would be required within 21 days. In the case of consumer goods, if a creditor may not retain the goods," it says, "and the property and is required to dispose of it within 90 days, they pay at least 60 percent."
So, let's say, and this law came out because of the following. What happened is, I would loan you money. You would get this asset, I take it as collateral. You're a little bit late, eh, don't worry about it. You're late on the payment, don't worry about it. You're late on the payment, don't worry... You pay 98 percent of it off. You're late, I repossess it, and I go, sorry, I'm going to keep it.

Secured Transactions: Global Trends in Taking and Enforcing Security

Secured creditors' rights are critically important in today's uncertain economic environment. What are common features among, and significant differences betwee...

Secured creditors' rights are critically important in today's uncertain economic environment. What are common features among, and significant differences between, jurisdictions in taking and enforcing security? Hear results of a Deloitte Legal multi-jurisdiction survey covering cross-border secured transactions globally and factors that may impact your next transaction.
(Live presentation was aired on 4 Dec 2013)
www.deloitte.com/dbriefs/deloittelegal

Secured creditors' rights are critically important in today's uncertain economic environment. What are common features among, and significant differences between, jurisdictions in taking and enforcing security? Hear results of a Deloitte Legal multi-jurisdiction survey covering cross-border secured transactions globally and factors that may impact your next transaction.
(Live presentation was aired on 4 Dec 2013)
www.deloitte.com/dbriefs/deloittelegal

Secured Transactions - Lesson 1

In this video, 20.01 – Secured Transactions – Lesson 1, Roger Philipp, CPA, CGMA, discusses the three ways for a creditor to protect their interest in money loaned to a debtor: by obtaining a security interest called collateral, by obtaining a guarantor, or by forcing the debtor into bankruptcy and hoping to get paid as either a perfected secured creditor or a general unsecured creditor.
Secured transactions involving tangible and personal property, as governed by Article 9 of the UniversalCommercial Code, are the topic of this lesson. Roger differentiates between money loaned for the purchase of inventory, for the purchase of equipment, and the purchase of consumer goods, explaining how a TV could be any one of these depending on the borrower. Roger ties back this topic to prior learning by relating these categories to ordinary assets, Section 1231 assets, and capital assets. All these categories – inventory, equipment, and consumer goods – can be types of collateral. We learn that when the creditor lends the debtor money to buy an asset, that asset legally becomes collateral.
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VideoTranscriptSneak Peek:
Welcome, welcome, let's talk about a fun and exciting area called secure transactions. Many of the topics that we're gonna deal with deal with both the creditor and the debtor. So let's say for example I loan money to you, right? I loan money to you, I'm gonna protect my interest, there's three different ways we're gonna look at in the next several chapters on how to protect myself, how to get my money back.
So I loan you money, one way is I take an asset as collateral; I secure the transaction. That's what this chapter talks about. Another way is I say I'll loan you money, but go get a co-signer guarantor, a surety called suretyship. The third way, least desirable, is I'm gonna force you into bankruptcy and hopefully get paid as either a perfected secured creditor or a general unsecured creditor. So again, I loan you money, three ways to protect myself.
The creditor's objective is to get that money back, collect the money. How do I do it? One way is to secure the transaction by getting collateral, that way you don't pay me, I take your house, I take your car, I take your kids, I take your dog, and I eat it. Another way is get a co-signer guarantor, a surety. Third way, least desirable, force you into bankruptcy, chapter seven, 11, 13, which we'll talk about in another section.
This section starts out with secure transactions, this is covered by UCC Article 9. So this is called secure transactions, UCC Article 9. So what we're doing is basically the following: here is the creditor, the creditor is going to either loan you money or extend you credit to the debtor. What we're gonna do is I loan you money and in return I'm gonna get a security interest in your property that we call collateral. Collateral damage, right? So I loan you money and I say here's $100,000, what can you give me as collateral? I could take your car, I could take your jewelry, I could take a note, and I could take all these different things.
Now what we're looking at is maybe I loan you money to buy inventory. Maybe I loan you money to buy equipment. Maybe I loan you money to buy consumer goods. So we're all, we're trying to see what it is you're gonna give me as collateral. So again, I loan you money, three different ways to protect myself. I take something as collateral, I secure the transactions, but this section only deals with what? Personal property, tangible personal property.
Remember back in land and property we talked about a mortgage? A mortgage is when the bank loans you money and they take your house, your real property as collateral that was a mortgage. We're not talking about real property, we're talking about personal property, tangible personal property, that's what this section is gonna be dealing with.
The other thing, I loan you money, I get someone to co-sign, if you don't pay, I'll take it from them, called a suretyship, a little later, you don't pay, force you into bankruptcy. So that's what we're looking at in this section it says UCC Article 9, property, it covers personal property or fixtures, not real property, now let's talk about the types of collateral.

How to Secure Credit Card Transactions Online

Here are 3 ways to secure credit card transactions online.
1. PCI compliance
Any business that accepts, stores, transmits, or interacts with credit cards in any way must be PCI compliant.
The PCI standards require companies to protect customer credit card data with security measures like encryption, firewalls, password-protected systems, and more.
In addition to protecting your customers’ data, PCI compliance protects your business from liability, penalties, and fines.
2. Secure Sockets Layer (SSL)
SSL is a system of rules that protects communication between your website and your customer’s browser.
To enable SSL on your website, you can buy an SSL certificate from your web hosting provider or a certification authority.
SSL works with your website’s server and the customer’s browser to do two important things:
First: SSL verifies sites as trustworthy.
Have you ever noticed a little green lock in the address bar of your browser? That lock means the site you’re visiting is protected by SSL protocol. Many consumers expect to see a green lock when they visit your site.
When a customer visits a site, their browser will check to see if the site has an SSL certificate. If the site has a valid certificate, then the browser will display a green lock or other trust symbol in the address bar.
SSL sites put customers at ease and encourage them to buy because they know their credit card information is safe.
Second: SSL encrypts information between the server and browser.
Sites that use SSL automatically encrypt information between the server and the browser.
How does encryption work?
Remember when you made up a secret language as a kid and used it to pass notes with your friends? Only you and your friends could read the secret messages because only you had the key to the language—you knew which letters to substitute to turn the gibberish into English.
Encryption is a similar process. You start out with sensitive information, like credit card data, and use a specific key to turn it into a coded message. The coded message is sent over the internet, and once it’s received, the receiving party uses the key to decode the message.
When a customer visits a site protected by SSL, the browser and the server perform what’s called a handshake to determine which key to use to encrypt the information they share.
Once they agree upon the key, the browser and the server can send coded messages back and forth. Any information that passes between the browser and the server—like credit card information, addresses, phone numbers, and more—is encrypted.
3. Tokenization
Tokenization is a method to protect credit card data when it’s in use or in storage.
How does it work? The customer’s data is replaced with a token—an arbitrary string of numbers and letters—that stands in for the original information. The merchant stores this token on their system, while the true information is usually stored off-site in a secure data vault.
To learn more about securing credit card transactions online, visit our website at www.CenturyBizSolutions.com.

Online Banking Safety Tips - Secure Your Online Banking Transaction

Online Banking Safety - with these simple tips, you can keep you personal banking information secure while using online banking. #SafeBanking.
Visithttp://bit.ly/ItsAllAboutMoney-Online-Banking-Safety-Tips to read the article on #ItsAllAboutMoney

Secured Transactions - Lesson 4

In this video, 20.02 – Secured Transactions – Lesson 4, Roger Philipp, CPA, CGMA, continuing from Lesson 3, describing a few more aspects of attachment of a security interest, and then goes into a thorough explanation of perfection of a security interest.
In obtaining a security interest, a creditor is protecting themselves from DOTS – the debtor, other creditors, a trustee in bankruptcy, and any subsequent purchaser from the debtor without knowledge of perfection. For the creditor to protect themselves from the debtor, they must only attach. To protect themselves from third parties, the creditor must attach and perfect the security interest. The law provides creditors with rights similar to attachment in various circumstances such as judicial liens, statutory liens, and garnishment. Perfection provides notice to third parties that a security interest exists, and therefore protects the creditor from third parties who may also have an interest in the collateral.
But to perfect a security interest, any one of three conditions must be met: the creditor can either file a financing statement in the appropriate public office, obtain automatic perfection through a consumer goods PMSI (Purchase MoneySecurity Interest), or take possession of the collateral. While a PMSI in consumer goods provides automatic perfection against the debtor, it does not by itself protect the creditor if the debtor sells the asset to a third party. To obtain such protection, the creditor must also fulfill the financing statement condition (subject to the 20-day rule) in addition to the PMSI.
To conclude, Roger summarizes secured transactions as covered thus far, and provides a handy mnemonic for remembering the conditions required for attachment and perfection.
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VideoTranscriptSneak Peek:
Now when you attach, you can attach, it says attachment also covers the proceeds. Let's say for example let's draw this again. Here's the creditor, here's the debtor, you gave me some money, boom, I'm going to give you legally the right to the collateral. Let's say I sold the collateral and I got money. If I no longer have the asset, you can attach to the collateral, you can attach to the assets, and you can attach to the proceeds.
You also, if in the agreement you could say we also attach to after acquired. If I go out and buy other stuff and I don't have the good that you would attach to. You can attach to after acquired property as well. If the debtor were to purchase inventory, equipment after the attachment, the creditor could also attach to that.
Notice that when all three of these things happen, boom, they've attached. Now, I do this on January 1st, January 3rd, and January 5th. When all three happen, boom, we've attached on the fifth, all three of these. What does attachment do? It gives the creditors rights against only me, the debtor, but they also want to protect themselves not only against me but against those other third parties. That's where they have to go to the next step which is perfection.
If you look in your notes it says the law provides creditors with rights similar to attachment like a judicial lien, a statutory lien which is an artisans or mechanic's lien or they could garnish like garnishing your wages. These are things that are similar to attaching.
Now when you're filing it, you file it with the state recording office in the UCC department or the counting clerk but basically there's a UCC department, a uniform commercial code. That's where you would file this paperwork.
Now what about perfection? Perfection provides notice to third parties that a security interest exist. It's basically providing notice. Now, in order to do this, we have to do not all three but one of the three. The first one says you file a financing statement. Now a financing statement is a statement that describes the debt, the collateral and its sign.

Secured Transactions - Lesson 6

In this video, 20.03 – Secured Transactions – Lesson 6, Roger Philipp, CPA, CGMA, adds to the discussion of the inventory rule by reading the formal rule. He explains that even if the buyer is aware of a prior security interest in an asset, the buyer is still free from that prior security interest when it buys the asset if the asset is inventory in the hands of the seller.
Roger then covers some final details on secured transactions. The jurisdiction for filings for secured transactions is determined by the debtor’s location, not the location of the collateral. Priority among creditors in a secured transaction follows a certain order, starting with a buyer in the ordinary course of business if the asset was inventory in the hands of the seller (inventory rule). Second priority goes to the holder of a statutory lien such as a mechanic’s lien, and so on. Creditor responsibilities upon asserting a security interest are to use reasonable care to preserve any collateral in their possession, confirm the unpaid amount when requested by the debtor, and file or send the debtor a termination statement releasing the collateral once the debt is repaid.
Once the debtor is in default, the debtor does have initial right of redemption, but if the debtor fails to redeem the property, the creditor may take possession of the property, sell it, and keep the proceeds. If the amount owed by the debtor exceeds the proceeds, the creditor may pursue the debtor for the deficiency judgment if the loan was made with recourse.
Roger also covers what happens if the proceeds from the sale of the property pledged as collateral exceed the defaulted loan amount, as well as the situation of ‘strict foreclosure’ allowed in some jurisdictions.
Finally, Roger concludes with a nice overview and summary of secured transactions.
Connect with us:
Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review
Are you accounting faculty looking for FREECPA Exam resources in the classroom? Visit our ProfessorResourceCenter: https://www.rogercpareview.com/professor-resource-center/
VideoTranscriptSneak Peek:
Inventory rule, it says, "If acquiring goods in the ordinary course of business, inventory to seller. Buyer's claim is superior to all other claims, so if the goods are purchased from a retailer, the inventory is acquired free of all other claims, even if a purchaser is aware of the claim." So, even if I know there's that prior claim, I still get it free of that claim.
Couple of other minor things, filings. "The jurisdiction for almost all filings is determined by the debtor's location, not where the collateral is. The priority among creditors..." Who gets it first? The inventory rule, a buyer in the ordinary course of business gets it. "Holder of a statutory lien, like a mechanic's lien. Then a PMSI when attached and perfected. And then among other perfections by filing, other perfected interests or judicial liens, and then if not one perfects in order of attachment." So, that's kind of hierarchy of who gets what.
"What are the creditors' responsibilities for the collateral? Use reasonable care to preserve any collateral in their possession. Confirm the unpaid balance of the amount of the debt when requested by the debtor. File or send the debtor a termination statement releasing the collateral once the debt has been paid. What are the procedures on default? The debtor has the right of redemption once," in other words, to redeem it, "the debtor's right redemption is terminated, and the creditor repossesses the property, and forces a sale." That's what happens once they don't pay.
"If the proceeds are not sufficient, if the loan is without recourse, the lender has no further claim. If the loan is with recourse, the debtor will be personally responsible for any unpaid portion, referred to as a deficiency judgement. If the proceeds exceed the amounts of the secured creditor, with the highest priority, any excess if first applied to the claims of other secured creditors being with secured creditor with the highest priority followed with the lower, then the debtor will be entitled to any remaining proceeds. Any objection would be required within 21 days. In the case of consumer goods, if a creditor may not retain the goods," it says, "and the property and is required to dispose of it within 90 days, they pay at least 60 percent."
So, let's say, and this law came out because of the following. What happened is, I would loan you money. You would get this asset, I take it as collateral. You're a little bit late, eh, don't worry about it. You're late on the payment, don't worry about it. You're late on the payment, don't worry... You pay 98 percent of it off. You're late, I repossess it, and I go, sorry, I'm going to keep it.

Secured Transactions: Global Trends in Taking and Enforcing Security

Secured creditors' rights are critically important in today's uncertain economic environment. What are common features among, and significant differences between, jurisdictions in taking and enforcing security? Hear results of a Deloitte Legal multi-jurisdiction survey covering cross-border secured transactions globally and factors that may impact your next transaction.
(Live presentation was aired on 4 Dec 2013)
www.deloitte.com/dbriefs/deloittelegal

Security

Security is the degree of resistance to, or protection from, harm. It applies to any vulnerable and valuable asset, such as a person, dwelling, community, item, nation, or organization.

As noted by the Institute for Security and Open Methodologies (ISECOM) in the OSSTMM 3, security provides "a form of protection where a separation is created between the assets and the threat." These separations are generically called "controls," and sometimes include changes to the asset or the threat.

Perceived security compared to real security

Perception of security may be poorly mapped to measureable objective security. For example, the fear of earthquakes has been reported to be more common than the fear of slipping on the bathroom floor although the latter kills many more people than the former. Similarly, the perceived effectiveness of security measures is sometimes different from the actual security provided by those measures. The presence of security protections may even be taken for security itself. For example, two computer security programs could be interfering with each other and even cancelling each other's effect, while the owner believes s/he is getting double the protection.

By standing for Augmented Identity, an identity that ensures privacy and trust and guarantees secure, authenticated and verifiable transactions, we reinvent the way we think, produce, use and protect one of our greatest assets – our identity – whether for individuals or for objects, whenever and wherever security matters....

The dexFreight Early Adopters Program will allow shippers, carriers, brokers and forwarders in the U.S. to evaluate the blockchain platform ahead of launch.
...
... The dexFreight platform is built on blockchain technology that allows supply chain stakeholders to transact and collaborate with more efficiency, transparency and security....

Ensuring Security For Your Transactions...

Latest News for: Security transactions

By standing for Augmented Identity, an identity that ensures privacy and trust and guarantees secure, authenticated and verifiable transactions, we reinvent the way we think, produce, use and protect one of our greatest assets – our identity – whether for individuals or for objects, whenever and wherever security matters....

The dexFreight Early Adopters Program will allow shippers, carriers, brokers and forwarders in the U.S. to evaluate the blockchain platform ahead of launch.
...
... The dexFreight platform is built on blockchain technology that allows supply chain stakeholders to transact and collaborate with more efficiency, transparency and security....

Wright showed up on a BBC video admitting to signing a signature secured to the first bitcoin transaction... Moreover, in 2018, another Satoshi Nakamoto popped up and had a twitter handle that like Wright also made the same signing proof with a message-secured to block number 9 ... .......

Small- and mid-cap securities may be subject to special risks associated with narrower product lines and limited financial resources compared with their large-cap counterparts. When interest rates rise, the value of debt securities tends to fall ...There are numerous risks associated with transactions in options on securities....

We have used cash received from TOO Brookfieldtransaction in 2017 and the portion of the capital raise in early 2018 to repay all of our secured debt, and reduced our 2020 unsecured bond balance by $95 million to just below $498 million as of today....

This news release is being issued pursuant to Rule 135c under the SecuritiesAct and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities that may be issued pursuant to the financing transactions described above....

... regulatory oversight for a secure trading environment; Decentralisation through public ledger provides transparent and secure methods of transacting digital assets across the platform; Scalability on the CatapultEngine allows for modular design and high-frequency trade volumes....

Under the repurchase program, shares of Altice USAClass A common stock may be purchased from time to time in the open market and may include trading plans entered into with one or more brokerage firms in accordance with Rule 10b5-1 under the SecuritiesExchange Act of 1934 ...The Combination was effected mainly by the following transactions.....

AdaptiveMobile Security... At MWC19 you will see how we are enabling and securing everyday transactions “on the go”, how our sensing innovations are blurring the technology lines between humans and smart devices, and how we are securing communication between ever-more “things” in today’s smart world....

Blockchain offers a radical solution for transactionsecurity, but will it provide the controls required to unleash true commercial innovation? A combination of onchain and offchain techniques could be the key to success. In a world under threat from new forms of cybercrime, blockchain promises exceptional security....